Abbey cuts rates on flexible deals

Abbey last week cut the rates on its flexible mortgage range. The Flexible Plus deal for life is now available at 4.99% and Standard Flexible Plus is available at 5.25% with a low fee of 199.

The lender says flexible mortgages have been gaining popularity because people want to tailor their mortgage payments to suit them rather than allow their mortgage to dictate their lifestyle.

Datamonitor recently said the offset market will grow at an annual average rate of 24% over the next four years.

But as more and more lenders incorporate flexible style mortgages into their core ranges, Abbey warns not all are the same.

Jeff Scott, head of intermediary marketing and specialist lending at Abbey, says: “Many lenders impose restrictions on how borrowers can use their flexible mortgages. Our deal has none of the usual restrictions.”